Dubai, UAE, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to research analysts at Extrapolate, the Dairy Alternatives Market was previously valued at USD 21.2 billion in 2021 and is projected to reach USD 56.2 billion by 2028, at a CAGR of 15.2% during the projected period.
The transformation of consumer eating habits and changes in diet trends are driving the growth of the dairy alternatives market. Furthermore, the increasing population with lactose intolerance and rising demand for plant-based products is further fueling the growth of the market. For instance, the demand for soy milk and almond milk is gaining popularity in the United States among elderly and female consumers.
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The rising adoption of healthy lifestyles and low-calorie diets is contributing to the growth of the dairy alternatives market. Fitness-savvy consumers are constantly adopting healthier diets to lose weight by substituting animal-based milk with dairy alternatives. Advances in processing techniques, such as homogenization and heat treatments, are increasing the availability and quality of plant-based products.
Additionally, with rising health consciousness amongst customers, the market has experienced significant growth in recent times, especially in emerging economies with higher disposable incomes. As a result, the demand for dairy alternatives has experienced significant growth as they provide various benefits to improve immunity, prevent allergies, improve heart health, lower the risks of several postmenopausal issues, and exhibit traits for detoxification of the body.
Competitive Landscape:
The competitive landscape of the dairy alternatives industry is made up of well-known and well-established key players from around the world. Apart from major key players in the market, various new entrants are likely to penetrate the market as the manufacturing processes of dairy alternatives do not require complex technology.
For instance, in April 2021, SunOpta acquired the Dream and WestSoy plant-based beverage brands from the Hain Celestial Group. This strategic partnership is to provide organic and inorganic growth for the company's plant-based business. As the market expands, competitors are expected to capitalize on their revenue streams and create lucrative opportunities for market growth.
- Hain Celestial
- SunOpta Inc
- Danone
- Oatly AB
- Vitasoy International Holdings Limited
- DAIYA FOODS INC.
- J.M. HUBER (CP Kelco)
- ADM
- Blue Diamond Growers
- Melt Organic
- PANOS
- Living Harvest Foods Inc.
- Ripple Foods
- Earth’s Own Food Company Inc.
- Others
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Market Segmentation:
By Source
- Soy
- Almond
- Coconut
- Rice
- Oats
- Hemp
- Others
Soy Segment to Dominate Market Owing to Health Benefits
Soy has been projected to dominate the market owing to its exceptional nutritional benefits. Soy offers multiple benefits, including high levels of vitamins, zinc, and iron, all necessary for the growth of the body and also prevents heart diseases, aids weight loss, and provides better bone health. As a result, the demand for soy-based products has increased exponentially in recent times.
For instance, increasing penetration of high-nutrition and cholesterol-free dairy alternative products is expected to boost demand for soy in countries such as the United States. The shifting preference of consumers toward low-calorie soy desserts is likely to propel the market growth during the forecast period. Furthermore, soy milk prices have emerged as affordable, with higher acceptance rates in regions including North America, Europe, and Australia.
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By Product
- Milk
- Yogurt
- Ice Cream
- Cheese
- Others
Milk Segment to Retain Lion’s Share in Global Dairy Alternatives Market
Milk accounted for the largest revenue share of nearly 65% in 2021 and is expected to dominate the market during the forecast period owing to the rising preference for milk-based dairy alternatives. In Europe, there is an increasing demand for low-calorie diets and plant-based nutritional products such as soy milk and almond-based products in the region.
The increasing geriatric and lactose intolerance populations in regions including North America and Europe are also expected to drive significant growth in the market. This is due to the rising health concerns among customers, due to which the market for dairy alternatives is projected to expand during the forecast period.
North America and Europe to Showcase Market Growth Owing to Rising Demand for Plant-Based, Cruelty-Free Products
North America has emerged as the largest market for dairy alternatives owing to the rising consumption of dairy alternatives such as ice cream and yogurt. A large number of flavored milks account for nearly two-thirds of milk products sold in North America. Furthermore, milk-based dairy alternatives utilized for manufacturing food items such as desserts are particularly fueling market growth in North America.
Moreover, Europe is also anticipated to experience high growth over the forecast period owing to a flexitarian population and rising health-conscious customers in the region. Growing awareness of the health benefits of dairy alternatives and environmental concerns are projected to significantly expand the market. Furthermore, food manufacturers in the region are shifting their focus to food innovations and product developments, including soy juice mixes and fresh soy drinks, to provide customers with better dairy alternatives.
Major Points From Table of Content:
1. Executive Summary
2. Research Methodology
3. Market Outlook
4. COVID-19 Impact On Dairy Alternatives Market
5. Global Dairy Alternatives Market Overview, By Source, 2015 - 2028 (USD Million)
6. Global Dairy Alternatives Market Overview, By Product, 2015 - 2028 (USD Million)
7. Global Dairy Alternatives Market Overview, By Distribution Channel, 2015 - 2028 (USD Million)
8. Global Dairy Alternatives Market Overview, By Geography, 2015 - 2028 (USD Million)
9. North America Dairy Alternatives Market Overview, By Countries, 2015 - 2028 (USD Million)
…TOC Continued
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